Smith v. Caro & Baum

Citations

• 9 Or. 278

Syllabus

<p>Promissory Note — Indorsement—D emand — Notice.</p> <p>The indorsement of a promissory note after maturity is, in effect, the drawing of a new bill payable on demand, and, to hold the indorser, demand and notice of non-payment are essential.</p> <p>Contracts — Parol Evidence.</p> <p>The rule that parol evidence is not admissible to contradict or vary a written contract, is founded in the highest principles of public policy, and there is no class of contracts to which it should be more inflexibly applied than to those connected with bills of exchange and promissory notes.</p> <p>Indorsement in Blank.</p> <p>In an action by an indorsee against his immediate indorser, upon a promissory note indorsed in blank, after maturity, parol evidence of an agreement between them at the time of the indorsement, which would vary the legal liability of the indorser under his indorsement, is inadmissible.</p>